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Side-by-side financial comparison of Aon plc (AON) and COMFORT SYSTEMS USA INC (FIX). Click either name above to swap in a different company.
Aon plc is the larger business by last-quarter revenue ($4.3B vs $2.6B, roughly 1.6× COMFORT SYSTEMS USA INC). Aon plc runs the higher net margin — 39.4% vs 12.5%, a 26.9% gap on every dollar of revenue. On growth, COMFORT SYSTEMS USA INC posted the faster year-over-year revenue change (41.7% vs 3.7%). Aon plc produced more free cash flow last quarter ($1.3B vs $402.4M). Over the past eight quarters, COMFORT SYSTEMS USA INC's revenue compounded faster (31.2% CAGR vs 2.8%).
Aon plc is a British-American professional services firm. The company operates two divisions: Risk Capital, which provides brokerage and consulting services for risk management and insurance and reinsurance, and Human Capital, which provides services for health insurance, retirement plans, pension plans, and talent advisory.
Comfort Systems USA, Inc. is an American company that provides mechanical and electrical contracting services, primarily HVAC, plumbing, piping and controls, off-site construction, monitoring and fire protection, and installation and servicing of electrical systems.
AON vs FIX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.3B | $2.6B |
| Net Profit | $1.7B | $330.8M |
| Gross Margin | — | 25.5% |
| Operating Margin | 28.1% | 16.1% |
| Net Margin | 39.4% | 12.5% |
| Revenue YoY | 3.7% | 41.7% |
| Net Profit YoY | 136.5% | 126.8% |
| EPS (diluted) | $7.82 | $9.35 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.3B | $2.6B | ||
| Q3 25 | $4.0B | $2.5B | ||
| Q2 25 | $4.2B | $2.2B | ||
| Q1 25 | $4.7B | $1.8B | ||
| Q4 24 | $4.1B | $1.9B | ||
| Q3 24 | $3.7B | $1.8B | ||
| Q2 24 | $3.8B | $1.8B | ||
| Q1 24 | $4.1B | $1.5B |
| Q4 25 | $1.7B | $330.8M | ||
| Q3 25 | $458.0M | $291.6M | ||
| Q2 25 | $579.0M | $230.8M | ||
| Q1 25 | $965.0M | $169.3M | ||
| Q4 24 | $716.0M | $145.9M | ||
| Q3 24 | $343.0M | $146.2M | ||
| Q2 24 | $524.0M | $134.0M | ||
| Q1 24 | $1.1B | $96.3M |
| Q4 25 | — | 25.5% | ||
| Q3 25 | — | 24.8% | ||
| Q2 25 | — | 23.5% | ||
| Q1 25 | — | 22.0% | ||
| Q4 24 | — | 23.2% | ||
| Q3 24 | — | 21.1% | ||
| Q2 24 | — | 20.1% | ||
| Q1 24 | — | 19.3% |
| Q4 25 | 28.1% | 16.1% | ||
| Q3 25 | 20.4% | 15.5% | ||
| Q2 25 | 20.7% | 13.8% | ||
| Q1 25 | 30.9% | 11.4% | ||
| Q4 24 | 26.3% | 12.1% | ||
| Q3 24 | 16.7% | 11.2% | ||
| Q2 24 | 17.4% | 10.2% | ||
| Q1 24 | 36.0% | 8.8% |
| Q4 25 | 39.4% | 12.5% | ||
| Q3 25 | 11.5% | 11.9% | ||
| Q2 25 | 13.9% | 10.6% | ||
| Q1 25 | 20.4% | 9.2% | ||
| Q4 24 | 17.3% | 7.8% | ||
| Q3 24 | 9.2% | 8.1% | ||
| Q2 24 | 13.9% | 7.4% | ||
| Q1 24 | 26.3% | 6.3% |
| Q4 25 | $7.82 | $9.35 | ||
| Q3 25 | $2.11 | $8.25 | ||
| Q2 25 | $2.66 | $6.53 | ||
| Q1 25 | $4.43 | $4.75 | ||
| Q4 24 | $3.11 | $4.08 | ||
| Q3 24 | $1.57 | $4.09 | ||
| Q2 24 | $2.46 | $3.74 | ||
| Q1 24 | $5.35 | $2.69 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.8B | $981.9M |
| Total DebtLower is stronger | $15.2B | $145.2M |
| Stockholders' EquityBook value | $9.4B | $2.4B |
| Total Assets | $50.8B | $6.4B |
| Debt / EquityLower = less leverage | 1.63× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.8B | $981.9M | ||
| Q3 25 | $1.3B | $860.5M | ||
| Q2 25 | $1.4B | $331.7M | ||
| Q1 25 | $1.3B | $204.8M | ||
| Q4 24 | $1.3B | $549.9M | ||
| Q3 24 | $1.3B | $415.6M | ||
| Q2 24 | $1.2B | $199.4M | ||
| Q1 24 | $6.4B | $100.8M |
| Q4 25 | $15.2B | $145.2M | ||
| Q3 25 | — | $136.0M | ||
| Q2 25 | — | $73.0M | ||
| Q1 25 | — | $67.8M | ||
| Q4 24 | $17.0B | $68.3M | ||
| Q3 24 | — | $62.3M | ||
| Q2 24 | — | $73.4M | ||
| Q1 24 | — | $77.0M |
| Q4 25 | $9.4B | $2.4B | ||
| Q3 25 | $7.9B | $2.2B | ||
| Q2 25 | $7.8B | $2.0B | ||
| Q1 25 | $7.0B | $1.8B | ||
| Q4 24 | $6.1B | $1.7B | ||
| Q3 24 | $6.2B | $1.6B | ||
| Q2 24 | $5.9B | $1.5B | ||
| Q1 24 | $-133.0M | $1.4B |
| Q4 25 | $50.8B | $6.4B | ||
| Q3 25 | $51.6B | $5.8B | ||
| Q2 25 | $54.0B | $5.1B | ||
| Q1 25 | $50.3B | $4.6B | ||
| Q4 24 | $49.0B | $4.7B | ||
| Q3 24 | $49.9B | $4.4B | ||
| Q2 24 | $51.5B | $4.2B | ||
| Q1 24 | $40.8B | $3.9B |
| Q4 25 | 1.63× | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.04× | ||
| Q1 25 | — | 0.04× | ||
| Q4 24 | 2.78× | 0.04× | ||
| Q3 24 | — | 0.04× | ||
| Q2 24 | — | 0.05× | ||
| Q1 24 | — | 0.06× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.4B | $468.5M |
| Free Cash FlowOCF − Capex | $1.3B | $402.4M |
| FCF MarginFCF / Revenue | 30.8% | 15.2% |
| Capex IntensityCapex / Revenue | 1.7% | 2.5% |
| Cash ConversionOCF / Net Profit | 0.83× | 1.42× |
| TTM Free Cash FlowTrailing 4 quarters | $3.2B | $1.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.4B | $468.5M | ||
| Q3 25 | $1.1B | $553.3M | ||
| Q2 25 | $796.0M | $252.5M | ||
| Q1 25 | $140.0M | $-88.0M | ||
| Q4 24 | $1.2B | $210.5M | ||
| Q3 24 | $1.0B | $302.2M | ||
| Q2 24 | $513.0M | $189.9M | ||
| Q1 24 | $309.0M | $146.6M |
| Q4 25 | $1.3B | $402.4M | ||
| Q3 25 | $1.1B | $517.9M | ||
| Q2 25 | $732.0M | $221.2M | ||
| Q1 25 | $84.0M | $-110.2M | ||
| Q4 24 | $1.1B | $169.8M | ||
| Q3 24 | $951.0M | $280.1M | ||
| Q2 24 | $460.0M | $166.5M | ||
| Q1 24 | $261.0M | $121.6M |
| Q4 25 | 30.8% | 15.2% | ||
| Q3 25 | 27.0% | 21.1% | ||
| Q2 25 | 17.6% | 10.2% | ||
| Q1 25 | 1.8% | -6.0% | ||
| Q4 24 | 27.6% | 9.1% | ||
| Q3 24 | 25.6% | 15.5% | ||
| Q2 24 | 12.2% | 9.2% | ||
| Q1 24 | 6.4% | 7.9% |
| Q4 25 | 1.7% | 2.5% | ||
| Q3 25 | 1.7% | 1.4% | ||
| Q2 25 | 1.5% | 1.4% | ||
| Q1 25 | 1.2% | 1.2% | ||
| Q4 24 | 1.3% | 2.2% | ||
| Q3 24 | 1.7% | 1.2% | ||
| Q2 24 | 1.4% | 1.3% | ||
| Q1 24 | 1.2% | 1.6% |
| Q4 25 | 0.83× | 1.42× | ||
| Q3 25 | 2.51× | 1.90× | ||
| Q2 25 | 1.37× | 1.09× | ||
| Q1 25 | 0.15× | -0.52× | ||
| Q4 24 | 1.68× | 1.44× | ||
| Q3 24 | 2.95× | 2.07× | ||
| Q2 24 | 0.98× | 1.42× | ||
| Q1 24 | 0.29× | 1.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AON
| Commercial Risk Solutions | $2.3B | 54% |
| Health Solutions | $1.1B | 26% |
| Wealth Solutions | $490.0M | 11% |
| Reinsurance Solutions | $379.0M | 9% |
FIX
| Electrical Segment | $823.7M | 31% |
| Manufacturing Customer | $542.7M | 21% |
| Existing Building Construction | $491.4M | 19% |
| Healthcare Sector Customer | $220.8M | 8% |
| Service Projects | $153.0M | 6% |
| Education | $137.5M | 5% |
| Government Customer | $131.0M | 5% |
| Office Building Customer | $88.2M | 3% |
| Other Customer | $40.7M | 2% |
| Multi Family And Residential | $33.7M | 1% |
